Originally Posted by guitarmaan (Post 10713413)

Wow. That's a huge expense to sell. So is that the normal rate in most states or just yours?

Originally Posted by Pulaski (Post 10713630)

Estate agents fees are almost always 6% across the US. The British agent Foxton's opened a NY operation a decade ago and was charging 4 1/2%, but I never heard of another full service agent which worked for less than 6%. The problem is that buyers agents (almost everyone uses a buyer's agent) won't take buyers to see houses using a discount agent, BECAUSE the buyers agent collects half the 6% commission. Anyone who has a contract with a buyer's agent (remember everyone uses a buyer's agent!) who wants to buy a discount agent or "for sale by owner" house has to top up the buyer's agent fee to 3%. Can you buy without an agent, sure, I've done it myself twice, but it is pretty rare, and I only did it when I knew the sellers.

Then you have to pay the lawyers on top. Most of those fees, in value terms, get deducted from the sales proceeds. The buyer then has the fees for the mortgage and things like inspections, that run another 2-3%, so "round trip" buy+sell is going to cost around 10% anywhere in the US.

Originally Posted by Ruth16 (Post 10713875)

Maybe that's why Foxton's in the US went bankrupt a few years back.

Originally Posted by notonuksoil (Post 10714200)

Realtor fees where we are are around 5%. We are looking to buy now after 8+ years in the town renting. We are not using a buyers agent and are doing it ourselves. Having no problems with sellers agents we are just contacting them directly and arranging viewings. Have been putting the word out that we are looking to buy through school contacts and have viewed a few houses not on the market - thus saving the seller having to pay an agent too if we decide to buy. We are in no rush and will wait for the right house at the right price which the realtors here are having trouble comprehending! Have had a few that want us to sign a contract with them but we refuse and say we will go directly to the seller to ask to view the house they soon agree to arrange a showing.

Originally Posted by Jerseygirl (Post 10716449)

Of course you won't have a problem with the seller's agent because he/she will keep all the 5% commission themselves.

Originally Posted by notonuksoil (Post 10716471)

We have already caught out one agent for a blatant lie...